Labor Economics: Terms and Concepts, Quizzes of Human Resource Management

Download Labor Economics: Terms and Concepts and more Quizzes Human Resource Management in PDF only on Docsity! TERM 1 Labor Force DEFINITION 1 all the people willing and able to work TERM 2 Internal Labor Force DEFINITION 2 consists of the organizations workersits employees and the people who have contracts to work at the organization TERM 3 External Labor Market DEFINITION 3 individuals who are actively seeking employment TERM 4 o Bureau of Labor Statistics (BLS) DEFINITION 4 o tracks changes in the composition of the US labor force and forecasts unemployment trends TERM 5 High-Performance Work Systems DEFINITION 5 organizations that have the best possible fit between their social system (people and how they interact) and technical system (equipment and processes) TERM 6 Knowledge Workers DEFINITION 6 employees whose main contribution to the organization is specialized knowledge, such as knowledge of customers, a process, or a profession TERM 7 Employee Empowerment DEFINITION 7 giving employees responsibility and authority to make decisions regarding all aspects of product development or customer service TERM 8 Teamwork DEFINITION 8 the assignment of work to groups of employees with various skills who interact to assemble a product or provide a service TERM 9 Changes in the Labor Force DEFINITION 9 Age, Diversity, and Skill deficiencies TERM 10 High-Performcance Work Systems have DEFINITION 10 Knowledge WorkersEmployee EmpowermentTeams